Common use of Implementation Fund Clause in Contracts

Implementation Fund. A. The vehicle manufacturers and steelmakers who are Parties to this agreement will create a $4 million dollar Implementation Fund which is expected to support the implementation of the Program over a three-year period. They each will contribute half of the funding. The Fund will support the implementation of the NVMSRP. The uses and disbursement of the monies in the Fund will be directed by an Implementation Fund Coordination Committee (IFCC) that will have four members, one each selected by ARA, ISRI, the Environmental Groups, and ECOS. 1. The IFCC will develop appropriate procedures and mechanisms regarding disbursements from the fund in accordance with the applicable terms of this agreement. Payments from the Fund will be made through the systems and process established by ELVS for disbursement of funds to Program Participants. The other Parties to this agreement that are not members of the IFCC will be provided an opportunity to provide input into this process, but the final decisions regarding disbursement of the Fund will be made by the IFCC. 2. The IFCC will report to the Parties and US EPA annually regarding how funds were expended during the previous year. An independent audit of the Fund will be performed annually. 3 Monies will be contributed to the Fund in a phased manner on a regular basis over the life of the Fund, as managed by the IFCC. Any funds remaining at the end of three years will be expended in support of the NVMSRP.